The market has been up the day before and the day after Thanksgiving in 31 of the past 34 years. However, it wasn’t up in 2006 and 2007, so we shall see if this year is different.
As I commented on Woody’s post from yesterday, I was looking for a pullback this morning and then a steady climb higher today. So far, so good. Should the market look strong going into the last hour, I will be adding stocks to my portfolio.
I’ve been nibbling on C this morning, and bought 11,000 shares at an average of $6.789. It’s worthy to note that Mexican gangsta, Carlos Slim, bought some shares, El Mariachi-style.
One other note: GLD closed right at it’s 50 DMA last Friday, and has been trading above it’s 50 DMA the past two days. Should it stay above that today, I will be adding it to my account. On a relative strength basis, GLD is starting to outperform IEI. Keep an eye on the Treasuries. They are the only asset class up 10% + YTD, but that might be changing in the near future.
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